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Warner credit watch

By   /   Thursday, October 29th, 2009  /   Comments Off on Warner credit watch

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Ty Warner, Montecito resident and luxury hotel magnate, may be in danger of defaulting on debt and faces a potential ratings agency downgrade on $425 million debt backed buy four resorts, including Four Seasons in New York, according to Bloomberg News.

Standard & Poor’s placed Warner’s debt on “credit watch with negative implications” after net cash flow from the properties fell 46 percent below S&P’s expectations, Bloomberg reported.

Warner’s loan, held by Ty Warner Hotels, matures in 2010 and has one 12-month extension option remaining, the agency reported.

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